FedericoSellitti

USDJPY breakout of rising wedge!

OANDA:USDJPY   U.S. Dollar / Japanese Yen
For the past 2 weeks, many traders have tried to join the uptrend on USDJPY .
Is it still a good idea? Maybe not anymore. The chart analysis on the M15, shows that we just had a breakout of a rising wedge that seemed to be very strong.
Not going to trade with any short position, but I will not even plan long positions for this week.

Comments

why "very strong" ? because 7 red candle in a row ?
Reply
@chris_fx, hi Chris, I considered it very strong because it starts with an important upper shadow that touches the top of the rising wedge, continues with a period of 14 red candles out of 15 with no important retracement (8 pips has been the only sign of retracement) and had no sign of reaction on the lower part of the rising wedge.
+1 Reply
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